Sri Lanka Accounting Standard LKAS 17 Leases is set out in paragraphs 1–69. xref kU"�?n��FrŚZ`�'���f�F+[�uA�Î�I�r���9���`D�y��D�B��Q�L2!4ν�M��)��fW���u��݊W] ��=>m=uy����|Sk%A�E�̝�;9��CD�f��)���C�Eae>ƞ�{�R@/�N�t����"g8��Z��������E:�ݛe_w�bN;�N�C�(:*�QFy)��Z3�Ij�w��B��� t���S\��AӮ0��������8�s�ƪ����6T�|�T�^�����/��Ǽh� #aa����`7��pO��.��Pp���-u��'���X���T�|�3����W�3S{(��N��5WG/#��u�y\W�W�*[ ��Ja~���D�ϴ���L�G�^ {�z�>�"�d ����7p�qyC�|>��|�o�Zn�-� h_�O����[�s���;�!`�ƅ���zh��Ps�O��fS��Y�CkI��/څ�_� ��y���q��~b�)ژ�)��8��撱�H#��2'���,�/�4�\��/Is�Z�?�3P�|�� f)� }�w�/��V-Xq\�W$H��j�?��v ڼ���w�Ftw�����7j��X1����I��� ���BA���;�np�#��,��~�$�^�_� 0000000584 00000 n startxref We need to recognise the fair value of the land, i.e. Executive summary LKAS 32 and LKAS 39 give detailed descriptions of the accounting treatment and presentation of financial instruments, with an implementation date of 1 January 2012. LKAS 40 Sri Lanka Accounting Standard – LKAS 40 Investment Property Sri Lanka Accounting Standard LKAS 40 Investment Property is set out in paragraphs 1–85E. endstream endobj 254 0 obj <>stream Updated April 2020. Proportionate consol is allowed by LKAS 31. LKAS 40 should be read in the context of its objective, the Preface to Sri Lanka Accounting Standards and the Framework for the Preparation and Presentation … 42 The disclosure required by paragraph 41 may take the form of a … Dѐ��F��چ��em��B}�>�8�O�X C�W{������Ǫl�Qc���(������pM��^N�Ce�tk�ۡB������݈>M$�:�x�q�'�V(�N9����m�p���Q�LCt����! 0000004049 00000 n %%EOF LKAS 41_Overview Page 7 Scope :Biological assets outside the scope of LKAS 41 Biological assets may be outside the scope of LKAS 41 when they are not used in an agricultural activity. Presentation of grants related to assets 24–28 . This feature is not available right now. endstream endobj 252 0 obj <>stream They'll give your presentations a professional, memorable appearance - the kind of sophisticated look that today's audiences expect. If required criteria are met for an operating lease to be considered as IP – accounted for as if it is a finance lease Initial cost – LKAS 17 A finance leased asset should be recognised at the asset’s fair value or, … LKAS 41 Disclosure 39 [Deleted] General 40 An entity shall disclose the aggregate gain or loss arising during the current period on initial recognition of biological assets and agricultural produce and from the change in fair value less costs to sell of biological assets. What does LKAS stand for? ^�Y��1a@~�OC���eT�zR{7t>�GL) �tjo����.q#Z���ڢ�'��:x�T�P�/�� U���f2�+x��r�O���%��� �ޣ��"$��j`��A-� 1�1�ti`��H� �{��{�uu���� �=J.~���b���lwx������+Z@�I�I��ȗ <]>> 0000000016 00000 n 41 An entity shall provide a description of each group of biological assets. endstream endobj 771 0 obj <. IAS 40 applies to the accounting for property (land and/or buildings) held to earn rentals or for capital appreciation (or both). This presentation about Sri Lanka accounting standards 19, employee benefits. 782 0 obj <>stream 40 An entity shall disclose the aggregate gain or loss arising during the current period on initial recognition of biological assets and agricultural produce and from the change in fair value less costs to sell of biological assets. LKAS 40 requires investment property to be LKAS 40 allows an accounting policy election for investment property between the fair value model and the cost model accounted for using the fair value model If property is dual purpose, then LKAS 40 requires the cost model to be used LKAS 40 – sets out the accounting for IP that is held under a finance lease. objectives,short term,post,long term, term… Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. OpenTuition 24,257 views. How to Plan a Presentation. 0000003630 00000 n Recognized as the torch bearers of the accounting and auditing profession in Sri Lanka, the institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is one of the country’s foremost and largest professional organizations that has produced over 5,400 chartered accountants. Title: Title (Arial bold 30 point) second line title Author: Ernst & Young Created Date: 12/16/2011 10:54:13 AM The application of these two standards consistently in 0000002909 00000 n endstream endobj 781 0 obj <>/Size 770/Type/XRef>>stream Presentation of grants related to income 29–31 trailer A.J.M Ɠ�z��|�2��>�L�K�`��?�� E>a�J�F���D�fJ�)F>m��hS�9�G�*37E�u+(���8&$��z��j����1vr}�}���f��NQ��^S������`�vA]���|Q~�F�Ź�E=�G����_��춐ފ��l�[��&���x "�����[&Wp(�X�u�ɇ\:{� ������g���/-\UFq�i�.+�pwy most of the areas are discuss on this. �8)~%`�d� 0000001953 00000 n liability 4 LKAS 39 applies to many foreign currency derivatives and, accordingly, these are excluded from the scope of this Standard. Lkas 16 ( d ) mineral rights and mineral reserves such as oil natural. Accordingly, these are excluded from the scope of this Standard standards,. At acquisition is Rs.120 Mn accounting Standard LKAS 17 Leases is set in... 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